Ann: Change in substantial holding from TAU , page-8

Hi Camden

I've been looking at the business lightly for a couple of days, the thing that sticks out to me is what the business actually does. To me when I look at this business I see an outdated business model, I mean if you look at some of the great businesses of late like sek and crz they are online businesses and there is a shift towards online advertising.

IMO from what I can tell PMP specialise in catalogues and physical advertising distribution. I've looked at their half year report figures and everyone of their revenue streams has taken a hit. I realise they are undergoing a restructure to cut costs which may provide some sort of short term relief but if topline revenues continue to fall then cutting costs is only a temporary solution.

I have yet to review the restructure fully but those are just my initial impressions. However I am on the lookout for businesses flyng under the radar, I am a fundamental investor and struggling to find value options in the current market. I do follow you're posts and noticed you were very bullish on the stock just looking to gain your feedback.